Africa loses $50b to looters ― EFCC

Economic and Financial Crimes Commission (EFCC) has said that Africa continent is losing over 50 billion dollars to illegally acquired assets.

Speaking during a walk to mark the third African Union Anti-Corruption Day rally, themed: “Towards a Common African Position on Asset Recover”, the zonal head of the EFCC, Mr Ishiaku Sharu, said that there is need to strengthen international cooperation among anti-corruption agencies in Africa for purpose of developing a common position framework on assets recovery and return.

“The continent is losing over $50 billion yearly due to illegally acquired assets allocated all over the world and the process of tracing, freezing, management and eventual repatriation of assets is a long process, hence the need for the involvement of relevant instruments through international cooperation to repatriate stolen assets back to Africa,” he said.

He also said that the aim of the walk was to bring together all relevant anti-corruption stakeholders (domestic and international) to reflect on the challenges of assets recovery in Africa and solicit contributions and support towards developing a framework for an African Common Position on Assets Recovery as well as to create awareness and engage the citizens in assets recovery efforts.

The EFCC official said that the aim of President Muhammadu Buhari’s administration in the fight against corruption in Nigeria had brought significant recovery of looted assets acquired through mismanagement of public funds.

Kwara State Director of National Orientation Agency, Mr Segun Adeyemi who said that the presence of EFCC in the state is making an impact with securing of conviction of some internet fraudsters, called on the society to guide against corruption.

The walk which commenced from EFCC office took participants through such areas as Ahmadu Bello Way, Challenge, Post Office, Offa road, Tanke junction and ended at the EFCC office, located inside Tanke GRA.

Shaku, therefore, appealed to all the stakeholders to join hands with the commission to ensure recovery of common patrimony carted away by the looters, most importantly with the recent whistleblowing policy of the Federal Government.